**REGISTERED CHARITY NUMBER: 801352** **Report of the Trustees and** ## **Financial Statements** **for the Year Ended 31 December 2020** **for** **Kings Cross Korean Church** Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA **Kings Cross Korean Church** ## **Contents of the Financial Statements for the Year Ended 31 December 2020** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Statement of Financial Position**||5|| |**Notes to the Financial Statements**|6|to|10| |**Detailed Statement of Financial Activities**|11|to|12| **Kings Cross Korean Church** ## **Report of the Trustees for the Year Ended 31 December 2020** The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the charity are to promote the Christian faith. ## **Significant activities** The principal fund raising activity of the church is the offerings and donations made by the church congregation. The funds raised are used to support missionary work, both in the United Kingdom and abroad, to give scholarship support to students, and generally to give support and aid to those less well off in the community. ## **Public benefit** The trustees have taken The Charity Commission's specific and general guidance on public benefit (contained within the guidance publication "The Advancement of Religion for the Public Benefit" and with the revised guidance publication "Charities and Public Benefit") into consideration in preparing their statement on public benefit contained within this trustees' annual report. ## **FINANCIAL REVIEW** ## **Principal funding sources** The charity received donations, interest and Government support grants of £134,145 (2019: £111,575), which was the total incoming resources. Total expenditure incurred was £118,508 (2019: £110,304) that left net incoming resources for the year of £15,637 (2019: £1,271). The trustees applied and shall continue to apply all accumulations of the income to charitable causes after making such provision for all expenditure on trust administration. ## **Reserves policy** The unrestricted funds reserve of the charity at 31 December 2020 amounted to £213,798 (31 December 2019: £198,161). It is the trustees' view that it is prudent to ensure that there are sufficient free reserves to provide financial flexibility throughout the year. The long term aim is to use the reserves for the purchase of a site for a church. ## **FUTURE PLANS** The charity will continue to pursue its objectives as stated above. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** The trustees are all volunteers and have not been specifically recruited. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 801352 Page 1 **Kings Cross Korean Church** ## **Report of the Trustees for the Year Ended 31 December 2020** **Principal address** Flat 3, Verano Lodge 11a, The Avenue Worcester Park Surrey KT4 7EW ## **Trustees** C Choi Y Jung W Park ## **Independent Examiner** Andrew Carpenter Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA Approved by order of the board of trustees on 13 October 2021 and signed on its behalf by: W Park - Trustee Page 2 ## **Independent Examiner's Report to the Trustees of Kings Cross Korean Church** ## **Independent examiner's report to the trustees of Kings Cross Korean Church** I report to the charity trustees on my examination of the accounts of Kings Cross Korean Church (the Trust) for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Carpenter Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA 13 October 2021 Page 3 ## **Kings Cross Korean Church** ## **Statement of Financial Activities for the Year Ended 31 December 2020** |||31/12/20|31/12/19| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies||131,169|111,141| |**Charitable activities**|||| |Charitable activities and support||2,763|-| |Investment income|2|213|434| |**Total**||134,145|111,575| |**EXPENDITURE ON**|||| |**Charitable activities**|||| |Charitable activities and support||117,704|94,528| |Other||804|15,776| |**Total**||118,508|110,304| |**NET INCOME**||15,637|1,271| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||198,161|196,890| |**TOTAL FUNDS CARRIED FORWARD**||213,798|198,161| The notes form part of these financial statements Page 4 ## **Kings Cross Korean Church** ## **Statement of Financial Position 31 December 2020** |31/12/20
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
74
**CURRENT ASSETS**
Cash at bank
214,775
**CREDITORS**
Amounts falling due within one year
6
(1,051)
**NET CURRENT ASSETS**
213,724
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
213,798
**NET ASSETS**
213,798
**FUNDS**
7
Unrestricted funds
213,798
**TOTAL FUNDS**
213,798|31/12/19
Total
funds
£
1,780
197,431
(1,050)
196,381
198,161
198,161
198,161
198,161| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 13 October 2021 and were signed on its behalf by: W Park - Trustee The notes form part of these financial statements Page 5 **Kings Cross Korean Church** ## **Notes to the Financial Statements for the Year Ended 31 December 2020** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The presentation currency of the financial statements is the Pound Sterling (£). ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Motor vehicles - 25% on reducing balance Computer equipment - 25% on reducing balance ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial instruments** The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Financial instruments are recognised in the charity's statement of financial position when the charity becomes party to the contractual provisions of the Instrument. Page 6 continued... **Kings Cross Korean Church** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method. ## **Critical Estimates and Judgements** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. ## **Winding up or dissolution of the charity.** If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.Winding up or dissolution of the charity ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||31/12/20|31/12/19| ||£|£| |Deposit account interest|213|434| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **4. STAFF COSTS** The average monthly number of employees during the year was as follows: ||31/12/20|31/12/19| |---|---|---| |Pastors|2|2| No employees received emoluments in excess of £60,000. continued... Page 7 ## **Kings Cross Korean Church** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ## **5. TANGIBLE FIXED ASSETS** |Motor
vehicles
£
**Cost**
At 1 January 2020
12,594
Disposals
(12,594)
At 31 December 2020
-
**Depreciation**
At 1 January 2020
10,913
Charge for year
420
Eliminated on disposal
(11,333)
At 31 December 2020
-
**Net book value**
At 31 December 2020
-
At 31 December 2019
1,681
**6.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**7.**
**MOVEMENT IN FUNDS**
At 1/1/20
£
**Unrestricted funds**
General fund
198,161
**TOTAL FUNDS**
198,161
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
134,145
**TOTAL FUNDS**
134,145|Computer
equipment
Totals
£
£
10,669
23,263
-
(12,594)
10,669
10,669
10,570
21,483
25
445
-
(11,333)
10,595
10,595
74
74
99
1,780
31/12/20
31/12/19
£
£
1,051
1,050
Net
movement
At
in funds
31/12/20
£
£
15,637
213,798
15,637
213,798
Resources
Movement
expended
in funds
£
£
(118,508)
15,637
(118,508)
15,637| |---|---| continued... Page 8 **Kings Cross Korean Church** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ## **7. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1/1/19
£
**Unrestricted funds**
General fund
196,890
**TOTAL FUNDS**
196,890
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
111,575
**TOTAL FUNDS**
111,575|Net
movement
At
in funds
31/12/19
£
£
1,271
198,161
1,271
198,161
Resources
Movement
expended
in funds
£
£
(110,304)
1,271
(110,304)
1,271|At
31/12/19
£
198,161| |---|---|---| |||198,161| |||1,271| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/1/19
£
196,890
196,890|Net
movement
in funds
£
16,908
16,908|At
31/12/20
£
213,798| |---|---|---|---| ||||213,798| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
245,720
245,720|Resources
Movement
expended
in funds
£
£
(228,812)
16,908
(228,812)
16,908|Resources
Movement
expended
in funds
£
£
(228,812)
16,908
(228,812)
16,908| |---|---|---|---| ||||16,908| Reserves are maintained to ensure sufficient free reserves to provide financial flexibility. The long term aim is to build up reserves for the purchase of a site for a church building. continued... Page 9 **Kings Cross Korean Church** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020** ## **8. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2020. Page 10 ## **Kings Cross Korean Church** ||**Detailed Statement of Financial Activities**||| |---|---|---|---| ||**for the Year Ended 31 December 2020**||| |||31/12/20|31/12/19| |||£|£| |**INCOME AND ENDOWMENTS**|||| |**Donations and legacies**|||| |Donations||131,169|111,141| |**Investment income**|||| |Deposit account interest||213|434| |**Charitable activities**|||| |Grants||2,763|-| |**Total incoming resources**||134,145|111,575| |**EXPENDITURE**|||| |**Charitable activities**|||| |Propaganda & missionary||13,123|7,588| |Sunday school||2,167|6,077| |Aid & scholarship||4,400|466| |Pastoral activity||3,173|5,556| |Fellowship||809|14,687| |||23,672|34,374| |**Other**|||| |Church activities||804|15,776| |**Support costs**|||| |**Management**|||| |Other operating leases||3,507|-| |Church rent||14,683|28,311| |Telephone||410|-| |Motor expenses||2,334|2,543| |Management||141|7,702| |||21,075|38,556| |**Other**|||| |Motor vehicles||420|560| |Computer equipment||25|33| |Loss on sale of tangible fixed assets||1,261|-| |||1,706|593| |**Governance costs**|||| |Wages||49,853|18,871| |Pensions||1,135|214| |Accountancy||1,260|1,350| |Payroll preparation||846|570| |Carried forward||53,094|21,005| This page does not form part of the statutory financial statements Page 11 **Kings Cross Korean Church** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2020** ||31/12/20|31/12/19| |---|---|---| ||£|£| |**Governance costs**||| |Brought forward|53,094|21,005| |Legal fees|800|-| |Pastor relocation costs|17,357|-| ||71,251|21,005| |Total resources expended|118,508|110,304| |**Net income**|15,637|1,271| This page does not form part of the statutory financial statements Page 12